London, April 26, (dpa-AFX/GNA) – British pharmaceutical company GSK saw a slight drop in profits attributable to shareholders in the first quarter of 2023 to £1.49 billion ($1.86 billion), compared to £1.50 billion last year, the group announced on Wednesday.
Earnings per share from continuing operations was 36.5 pence compared to 36.9 pence. Adjusted operating profit was £2.09 billion, an increase of 8% annual equivalent rate (AER).
Adjusted operating profit was stable at the constant exchange rate (CER), predominately reflecting a 5% adverse impact following expected lower Covid-19 solutions sales and 4% from legal provisions primarily relating to royalties, the company noted.
Adjusted earnings per share (EPS) increased 7% CER to 37.0 pence due to lower non-controlling interests, a lower effective tax rate, and strong sales growth excluding lower Covid-19 solutions. First quarter turnover was £6.95 billion compared to £7.19 billion, previous year. Turnover excluding Covid-19 solutions was £6.82 billion, up 10% CER.
The company affirmed its full-year 2023 guidance at constant exchange rates. Excluding any contributions from Covid-19 solutions, the company expects: turnover to increase between 6 to 8%; adjusted operating profit to increase between 10 to 12%; and adjusted earnings per share to increase between 12 to 15%.
The board has declared a first interim dividend for the first quarter of 14 pence per share. GSK expects to declare a dividend of 56.5 pence per share for 2023.
GNA